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Fawad Razaqzada, market analyst at Forex.com, said: "US oil production facilities haven't fully recovered from Hurricane Harvey and now the even more powerful Hurricane Irma is set to reach the Gulf of Mexico in the next couple of days, and another one, Jose, is brewing in Atlantic.

"Any further disruptions in oil and gas production could further extend the rally in energy prices or at minimum keep prices bid until the threat of tropical storms dissipate.